Summary: Bybit and Gate.io are leading crypto exchanges each with their strengths. Bybit is known for its robust security and futures trading, while Gate.io is a leading no-KYC exchange offering a wide range of cryptocurrencies.
Both platforms offer various features, with Bybit providing more deposit methods, better liquidity on derivatives and slightly lower trading fees. The choice between them depends on trading needs, security, and regulatory preferences.
Bybit vs Gate.io Overview
Bybit and Gate.io are two of the largest global cryptocurrency exchanges, both boasting over 10 million users and billions of dollars in daily volume traded. Bybit is widely regarded as one of the best futures exchanges in the world, offering deep liquidity on over 350 crypto assets with up to 10x leverage. Their platform is one of the most trusted in the industry, led by renowned Singapore-based entrepreneur Ben Zhou
On the other hand, Gate.io has ascended the ranks to become a leading no-KYC exchange, available worldwide, and supports over 1,400 cryptocurrencies. The platform shot to fame especially after Bybit introduced mandatory KYC, becoming a preferred alternative for Bybit users who preferred not to verify their identities. Gate.io also provides high-grade leverage, allowing up to 125x on its listed digital assets.
Is Bybit safer than Gate.io?
Yes, Bybit is often considered safer than Gate.io because it has not experienced any notable security breaches or exploits. In contrast, while Gate.io has maintained a robust security stance, it did encounter a significant hack in 2018, which saw the exchange lost over $230 million in customer funds due to an exploit.
Moreover, although Gate.io took measures to bolster its security after the incident, Bybit's spotless security record often inspires greater trust. In addition to this, Bybit offers audited proof-of-reserves and has a higher degree of regulatory compliance compared to Gate.io, having recently implemented mandatory KYC to comply with AML/KYC laws globally.
Bybit and Gate.io are two of the feature-rich platforms in the crypto trading sphere. Here's a high-level overview of their popular products and features used by the international community of digital asset investors:
- Derivatives and Options Trading: Facilitates long and short positions on over 350 crypto assets with substantial liquidity and up to 25x leverage.
- Bybit Earn: Offers fixed and flexible savings products for high yields on several cryptocurrencies and stablecoins like USDT and USDC.
- Bybit Launchpad: A launchpad for IDOs and other new crypto projects that are available exclusively to Bybit users (e.g BitDAO).
- Security: Implements 2FA, multi-signature withdrawals, cold storage, and daily provided audited 1:1 asset reserves.
- User Interface: Sleek and intuitive, catering to advanced traders on web, iOS, and Android platforms.
- Bybit Blockchain (Mantle): Working on a zk-rollup Layer 2, "Mantle", to power DeFi applications within the Bybit community.
- Partial KYC: Allows users to start trading with only email verification for basic account features.
- Asset Diversity: Gate.io offers the most crypto assets out of any exchange in the world, with over 1,400 tokens available.
- Leverage Trading: Provides spot and futures trading with up to 125x leverage.
- Earn & Staking: Offers earning via flexible and fixed savings accounts, staking, and DeFi yield farming.
- Security: Includes 2FA, anti-phishing code, and advanced security protocols.
- User Interface: Easy-to-use, clear interface, with a comprehensive mobile app.
- GateChain: Gate.io's public blockchain offers a decentralized exchange called ‘GateChain’ that allows users to get access to DeFi products.
Bybit offers a wide variety of deposit methods, including bank transfers, ACH and SEPA transfers, PayPal, Alipay, Sofort, debit and credit cards, e-wallets, and numerous third-party payment services. Their platform allows users in over 150 countries to deposit 30+ fiat currencies.
On the other hand, Gate.io's deposit options are relatively less diverse, accepting only debit card deposits, credit cards and cryptocurrency deposits, USDT, USDC, and a few other stablecoins directly. Therefore, in terms of account funding flexibility, Bybit presents more options to users than Gate.io.
Both Bybit and Gate.io employ a maker-taker fee model for spot and futures trading. In Bybit, the maker and taker fees for spot trading are at 0.1%. For futures trading, Bybit levies a lower fee of 0.01% for maker orders and 0.06% for taker orders.
Conversely, Gate.io charges 0.2% for both maker and taker orders in spot trading. For futures contracts, Gate.io's fees stand at 0.015% for maker orders and 0.05% for taker orders. Therefore, while spot trading fees are slightly higher on Gate.io, the futures trading fees on both platforms are similar, with Bybit offering a slightly lower maker fee and Gate.io offering lower taker orders.
In summary, Bybit and Gate.io are significant players in the crypto exchange arena. Bybit excels with deep liquidity, strong security, and extensive features like high leverage futures trading. Gate.io caters to those valuing anonymity and variety of crypto assets, offering competitive leverage trading.
Bybit's perfect security record might give it an advantage, but Gate.io has demonstrated resilience post past security mishaps. Fees are comparably structured on both, varying by trade type. Choosing between Bybit and Gate.io hinges on individual trading requirements, security considerations, and regulatory preferences. As always, users should practice due diligence when investing.